The state of being completely lacking in a particular quality or value
the moral bankruptcy of turning away desperate people
a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
a legal process intended to insure equality among the creditors of a corporation declared to be insolvent
Bankruptcy is simply the inability of an individual to secure any more money from a bank. It is a device that informs banks that an individual or organization will not be able to pay monies owed if any more money is lent. ...
A legally declared or recognized condition of insolvency of a person or organization
(Bankruptcies) Dealing with personal insolvency.
A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.
A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).
Legally declared unable to pay your debts as they become due. Bankruptcy can severely impact your ability to borrow money. Talk to a credit counselor as soon as you realize you are having problems paying your bills on time to try to prevent bankruptcy.
A legal proceeding wherein one is granted relief from debts due to the inability to pay the debts.
a federal law whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.
A state of insolvency of an individual or organization. The inability to pay debts.
By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. ...
A federal court proceeding in which a debtor who is unable to continue to meet his/her financial obligations may be relieved from the payment of certain debts. This action seriously affects the borrower's credit worthiness.
The financial inability to pay one's debts when due causes the debtor to seek relief through court action.
Proceedings under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt. The bankrupt's property is distributed by the court to the creditors as full satisfactions of the debts, in accordance with certain priorities and exemptions. ...
The legal process in which a person or firm declares the inability to pay debts. Upon a court declaration of bankruptcy, a person or firm surrenders assets to a court-appointed trustee, and is relieved from the payment of previous debts.
A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts.
An alternative available to homeowners who are going through a severe financial crisis and are no longer able to pay their debts.
Court proceedings to relieve the debts of an individual or business unable to pay its creditors.
An inability to pay outstanding debt, in full or in part, or declaring insolvency may lead to bankruptcy. There are three parties to any bankruptcy proceeding: debits, creditors, and a trustee. Bankruptcy is an expensive process and may adversely affect future credit opportunities. ...
Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. ...
This is what a company files in their local court in order to protect themselves against creditors or show that they have no money to pay their bills.
A legal proceeding, which offers protection from creditor, if one is unable to pay debts.